The latest market report published by Credence Research, Inc. “Digital Multimeter Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the digital multimeter market was valued at US$ 910.8 Mn in 2018 and expected to grow at a CAGR of 4.5% during the forecast period from 2019 to 2027.
Market Insights
“Growing penetration of electronic devices worldwide will drive the demand for Digital Multimeter Market”
The digital multimeter market is majorly driven by the surge in the penetration of electronic devices coupled with the growing demand for electronic vehicles worldwide. The surge in demand for digital multimeter across numerous industries such as automotive, energy, consumer electronics, and others are some other key factors anticipated to drive the global digital multimeter market in years to come. Asia Pacific had a major share in the global market in 2018.
The
growing application for AI (Artificial Intelligence) along with the
rise in industry 4.0 are some other factors expected to enhance the
global market over the forecast period. New product launches with
advanced features are some other factors projected to drive the global
digital multimeter market in years to come. For instance, in December
2019, Fluke Corporation introduced the new Fluke 87V MAX true-RMS
digital multimeter. The aforementioned multimeter set a new operating
standard for working in extreme conditions with the accuracy and
features to troubleshoot electrical problems.
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Industrial Developments
• In October 2018, Good Will Instrument Co. Ltd. launched a dual measurement multimeter GDM-906X series 61/2 digit. The aforementioned multimeter features high precision DC voltage accuracy, 12 measurement functions, fast sampling rate, and others.
Key Market Movements:
• Worldwide, the digital multimeter market is growing at a CAGR of 4.5% in terms of revenue for the projected period from 2019 to 2027.
• Asia Pacific had a major share in the global market in 2018. The availability of cheap labor coupled with low – cost raw material are some of the major factors for regional dominance. The presence of major market players in the region is another major factor for regional dominance.
• North America is projected to enhance with a significant CAGR over the forecast period owing to the surge in demand for autonomous vehicles, connected and electric vehicles in the region. The growing defense spending in the region is another major factor projected to drive regional growth.
• Based on type, the handheld segment had a major share in the global market in 2018. Low cost and portability are the major factors for segment dominance in 2018. The surge in demand from the automotive and energy industries is further projected to drive the segment growth during the forecast period.
• Product launches and enhanced geographical presence are projected to be the key strategies.
List of Companies Covered:
• Yokogawa Electric Corporation
• Keysight Technologies
• National Instruments Corporation
• Gossen Metrawatt
• Keithley Instruments (Tektronix, Inc.)
• Fluke Corporation
• FLIR Systems, Inc.
• B&K Precision
• CHAUVIN ARNOUX Group
• Sanwa Electric Instrument Co., Ltd.
• Kyoritsu Electrical Instruments Works Ltd.
• Rohde & Schwarz GmbH & Co KG
• LeCroy Corporation
• Good Will Instrument Co., Ltd.
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